Refinancing usually costs money upfront. Find out exactly how many months it will take for your monthly savings to cover those fees.
Refinance Break-Even Calculator
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How to Use This Calculator
Enter your remaining balance, current rate, new rate, and expected closing costs.
Frequently Asked Questions
What is a break-even point?
It is the point in time where the total monthly savings equals the upfront cost of the loan.
What is the Mortgage Refinance Break-Even Calculator used for?
The Mortgage Refinance Break-Even Calculator tells you exactly how many months it will take for your new lower interest rate to pay for the upfront closing costs.
If I move in 2 years, what will the Mortgage Refinance Break-Even Calculator say?
The Mortgage Refinance Break-Even Calculator will likely show a loss, because you won’t stay in the home long enough to recoup the thousands in fees.
Does the Mortgage Refinance Break-Even Calculator include cash-out refis?
The Mortgage Refinance Break-Even Calculator is designed specifically for rate-and-term refinances to calculate pure interest savings.
Can the Mortgage Refinance Break-Even Calculator be used for auto loans?
While designed for homes, the math in the Mortgage Refinance Break-Even Calculator works for any loan with refinancing fees.